Raju’s holding in Satyam dips again

Corporate Bureau
Posted: Wednesday, Jan 07, 2009 at 2222 hrs IST
Updated: Wednesday, Jan 07, 2009 at 2222 hrs IST

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Hyderabad: Dealing a blow to the Satyam episode, Ramalinga Raju’s family holding in Satyam Computer Services has fallen to 3.6% from 5.1% after institutional lenders sold the stock through SRSR Holdings. The promoters had pledged their equity with SRSR in view of the declining market.

In a notification to the Securities and Exchange Board of India (Sebi), Satyam said that IL&FS Trust Company in its capacity as trustee for following debenture holders and lenders, has till date sold 2,45,20,500 equity shares of Satyam.

Unless these shares are redeemed, Raju’s stake may become nil with the current declining market conditions, say sources. Satyam chairman Ramalinga Raju’s family had held 8.27% through SRSR at the end of September quarter.

The lenders had sold over 2.11 crore shares of Satyam, which were pledged by the promoters, in open market transactions. After the sale, SRSR held 3.45 crore shares representing 5.13% stake in Satyam, which includes over 2.19 crore pledged shares already transferred to lenders, the filing added.

The company had also said that the promoters had pledged their entire equity holding of 8.61% to the institutional investors who hold 60% stake in the company. Meanwhile, the company refuted the rumours about mergers with HCL or MindTree or Tech Mahindra. “We do not respond to any speculations,” said the company spokesperson. The company’s board is meeting on January 10 and hopes to discuss all the issues related to the current saga, the spokesperson added.1

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